Every year on June 16th, we commemorate International Day of Family Remittances, which recognizes the important contributions of over 200 million migrants who send money home to support their families. These family remittances are tiny sums of money that, when combined, are three times greater than official development assistance offered by countries.
The day also emphasizes migrant workers’ perseverance in the face of economic insecurity, a worldwide pandemic, and natural and climate disasters.
Theme
The theme of the International Day of Family Remittances 2024 is “Digital Remittances Towards Financial Inclusion and Cost Reduction”. Remittances symbolizes the money that is transferred by migrant workers to their native countries with the purpose of contributing towards economic progress.
History
The International Day of Family Remittances is part of a larger United Nations program to promote safe and inexpensive money transfers. Over the last two decades, the volume of remittances has surged fivefold, particularly during times of economic distress in recipient countries.
Significance
The International Day of Family Remittances (IDFR) is significant because it recognizes and celebrates the substantial influence of remittances on individuals, families, and communities around the world. Here are the main points of its significance:
- Provides a critical economic lifeline to millions of households in poor countries.
- Plays a critical role in reducing poverty and raising living standards.
- Encourages access to formal financial services, which helps to improve financial inclusion.
- Surpasses official development assistance (ODA), which contributes considerably to economic growth.
- Celebrates the human connection and sacrifices that migrant workers make to support their family.
- Contributes directly to the achievement of the Sustainable Development Goals (SDGs), which include poverty reduction, improved health, and education.
- Recognizes and acknowledges the accomplishments of more than 200 million migrant workers worldwide.
- Supports policies that lower remittance costs, improve transfer systems, and preserve migrant rights.